Urbanation has released its third quarter for 2011 results proclaiming that the condominum market in the Toronto CMA (Census Metropolitan Area) "continues its torrid sales pace," with the results marking the fourth consecutive quarter in which sales topped 5,000, with 6,318 new condo sales. That marks an increase of 66% over the third quarter of 2010 (which was 3,805) but a decrease from the record high sales of the second quarter of this year (which was 9,445).

There have been over 27,000 new condominium sales in the Toronto CMA area over the past 12 months. New index pricing in the CMA is up 7.4% annually to $496 per square foot. The resale condo market is on the same sales pace as last year and index pricing in the existing market is now $400 per square foot, an increase of 7.6% year-over-year.

Approximately 58 per cent of the Toronto-area sales in the third quarter were realized in 33 new site openings (3,694 sales, a 56 per cent absorption rate) as newly launched projects continue to sell well and attract new purchasers.

Urbanation is a real estate market research firm which tracks the new, resale, future and investor condominium markets in the Toronto CMA. For more information, visit www.urbanation.ca